Driver shares fall as trading decelerates

AIM-listed construction and engineering services consultancy Driver (LON:DRV) saw its share price drop by 22.56% to 52.27p (as of 13:10p) after it said that business was slowing, particularly in Middle Eastern and South-East Asian markets. As a result, management said that underlying pre-tax profits for the year ending 30th September would be slightly below the previous year’s level despite a strong pipeline.

CEO Gordon Wilkinson commented: “Driver Group continues to make good progress across markets and sectors. It is frustrating to report that a number of Expert Witness/Dispute projects that were expected to convert in H1 2018-19 have been temporarily delayed or deferred, particularly as our new business pipeline is at historically high levels. There are significant opportunities for Driver Group in the second half of the financial year, and I am confident that we will make good progress in converting these leads, based on our proven track record of prudent business planning and management, our exceptional team of professional services experts, and our specialist understanding of sectors, markets and issues“.